First-quarter 2011 results

Paris, France, May 12, 2011

Another quarter of growth in revenues and earnings capacity Further reduction in risk-weighted assets

Net revenues1 excluding non-operating items: €1,743m, +4% vs Q1-102

Net income (Group share) excluding the fair-value adjustment of own senior debt:

€488m vs €467m (+4% vs Q1-102) with a tax rate of 31.5% vs 11.3% in Q1-10

Net income (Group share): €412m

Retail banking contribution: €149m, +8% vs Q1-10

Annualized ROE after tax: 9.9%3

 

Core businesses4: increased revenues and profitability, confirming the robustness of the business model

Revenues of the core businesses4:

€1,564m , +6% vs Q1-102

Income before tax of the core businesses4:

€584m , +28% vs Q1-102

Sound growth and profitability for the businesses:

CIB: net revenues €821m, +4% vs Q1-10 / ROE of 21.0%

Investment Solutions: net revenues €472m, +11% vs Q1-10 / ROE of 34.2%

Specialized Financial Services: net revenues €271m, +5% vs Q1-102 / ROE of 13.6%

 

Financial structure: further increase in the Core Tier 1 ratio

Core Tier 1 ratio: 8.1% (+20 basis points compared with December 31, 2010)

Tier 1 ratio: 11.0% (after buyback of €800m in deeply subordinated notes in March 2011)

RWAs excluding CCIs: -4%; total RWAs: -2% (compared with December 31, 2010) Net sovereign exposure to Greece close to zero

 

 

The consolidated results of Natixis were reviewed by the Board of Directors on May 11, 2011.

1 Excluding GAPC and income from discontinued operations

2 Pro forma mainly the consolidation of GCE Paiements, Cicobail and Oceor Lease

3 Excluding non-operating items (details in the appendices)

4 Core businesses: Corporate and Investment Banking, Investment Solutions, Specialized Financial Services

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